Your clients rely on your guidance to make important financial decisions. When it comes to charitable giving, we can partner with you to simplify their giving and amplify their impact.
But don’t just take our word for it. Hear from professionals in the field like Brian Gough, shareholder at Hancock Dana. Brian specializes in private wealth and trust taxation, serving high-net-worth individuals, family offices, and executive teams. His experience as a tax partner at Hancock Dana and certification as a Chartered Advisor in Philanthropy® equip him to guide clients through tax, estate, and gift planning with clarity and confidence. Brian is passionate about helping clients achieve their goals by designing financial strategies that align with their vision for success and legacy, while making it a priority to explain the process every step of the way.
People are also reading…
Are there any common misconceptions clients have about charitable giving or entering into the world of philanthropy?
Many clients believe that making cash contributions or volunteering their time are the only assets that one can give to an organization to help further their cause. However, often, more unique assets can be contributed with the help of your CPA, financial advisor, estate planning attorney, and advisors from OCF. These include items such as naming OCF as a beneficiary of an IRA or retirement account, establishing a charitable remainder trust or charitable lead trust, contributing highly appreciated publicly traded securities, or contributing stock or an interest in a closely held family business through thoughtful planning. All of these can be ways clients can make meaningful philanthropic contributions to the organizations they care about without relying solely on cash or time.
What are the questions you are most commonly asked as it relates to philanthropy?
As a tax accountant, the most frequently asked question is, “Will I get a tax deduction for this?” When I can confirm that they will, they smile and seem more willing to give the asset away. When they are not able to itemize their deductions, they initially feel disappointed.
However, I remind them that their motivation for giving stems from a desire to make a difference and leave a legacy, not just tax savings. The heart of philanthropy lies in the impact being made, not tax incentives, although that does help.
How can advisors prompt clients to think about legacy planning or including their children or next generations in their charitable giving?
As I bring on new clients or have annual check-ins with existing clients, I constantly ask if they have completed their will and estate planning documents. If they say yes, I follow up with: “When was the last time you reviewed or updated them?” Estate plans should be revisited every three to five years, after major life events, or in response to significant tax law changes, like the passage of the OBBBA.
If clients haven’t started planning, we discuss the legacy they wish to leave for their family and community. This naturally leads to conversations about involving children or future generations in charitable giving. It’s an opportunity to align family values with philanthropic goals and encourage a culture of giving with the next generation.
How does opening an account with OCF make giving simplified for you and your clients?
Utilizing an OCF account can help streamline the giving process. A single check to OCF can be written at the time the gift is to be made, and the client will receive a single acknowledgment letter in return to provide to their tax accountant as the support needed for their tax return. There is then no need to track the tens or hundreds of acknowledgment letters as the funds are dispersed from the OCF account, a welcome relief to the client.
Ready to connect?
- Download our advisor toolkit and access ready-to-share philanthropic resources.
- Schedule a personal session with our Donor Services Team. Ask for Joey Felici, Donor Services Senior Advisor, 402-614-8530 or joey@omahafoundation.org
- Explore CAP® training to elevate your philanthropic advising through our Chartered Advisor in Philanthropy® program
We look forward to partnering with you to serve your clients more effectively, and together, to grow a culture of meaningful giving in our community.
